Xu Yingxin: The effective implementation of RCEP will create obvious benefits and institutional dividends for China’s textile industry

On January 1, 2022, the “Regional Comprehensive Economic Partnership Agreement” (RCEP) officially came into effect in 15 member states, marking the freedom of the world’s largest population, the largest economic and trade scale, and the greatest development potential. The trade zone was officially launched.

As a major textile export country, my country has a complete industrial chain and has strong advantages in international cooperation and integrated development. At the same time, RCEP member countries are important markets for the export of my country’s textile and apparel raw materials and finished products, and the advantages of scale in the middle and upper reaches of China’s textile industry chain are also very obvious. With the effective implementation of RCEP, the regional development prospects of China’s textile industry have attracted much attention.

Recently, Xu Yingxin, vice president of the China Textile Industry Federation, accepted interviews from CCTV’s “Focus Interview” column, China International Television’s “Global Finance” column, and ” Interviewed by several central-level media including Economic Daily. Xu Yingxin said in the interview that the effective implementation of RCEP will create obvious benefits and institutional dividends for the sustainable development of China’s textile industry.

Xu Yingxin said that from a trade perspective, RCEP will help the textile industry reduce export costs and expand export benefits. In particular, Japan is the fourth largest export market in our industry. By signing RCEP this time, our country has established a new free trade partnership with Japan. This is the first time that our country has signed a free trade agreement with one of the top ten economies in the world. It is also the first time that our country has implemented a free trade agreement. A major historic breakthrough in the trade zone strategy.

After the agreement comes into effect, tariffs will be reduced year by year until they reach zero, and it covers a wide range of products, 99.3% of textile products are covered, which is very important to us in China The competitive advantage of participating in fair trade for exports to Japan becomes apparent. The scale of China’s textile industry’s exports to Japan is expected to further increase on the basis of US$20 billion.

After RCEP takes effect, Japan will eventually achieve zero tariffs on most Chinese textile and apparel products within 15 years. At the same time, RCEP and the already implemented China-ASEAN, China-South Korea, China-Australia and other free trade agreements have formed a higher level and more synergistic free trade agreement network. Some products will have better tariffs, which is conducive to multilateral trade within the region. Improve efficiency and expand the overall export scale of our industry.

From the perspective of cross-border investment and cooperation, the effective implementation of RCEP will help improve the level of industrial chain and supply chain cooperation in the region.

Some RCEP member countries, such as Vietnam, Cambodia, and Myanmar, have become important destinations for foreign investment in our industry. According to data from the Ministry of Commerce, from 2015 to 2020, the textile industry’s direct investment in RCEP countries was US$3.15 billion, accounting for 38% of the industry’s global direct investment. After the agreement comes into effect, it will help Chinese companies proactively integrate high-quality resources in the region and better promote the formation of a global textile and apparel industry manufacturing base and consumption center with China as the core.

At present, my country has initially established itself as a strong country in the textile industry. The entire industry has the confidence and ability to seize the historic opportunities brought by RCEP. Under the new development pattern, it will further unblock the domestic and international dual cycles and move towards highQualitydevelopment goals are moving forward.

Xu Yingxin said that China Textile Federation will also encourage textile and garment enterprises to make good use of the tax reduction dividends of RCEP member countries, expand the export of advantageous products, and guide enterprises to strengthen transnational green spaces in the region through more industry training and special activities. Investment cooperation to improve the international development level of the industry and the ability to coordinate the utilization of domestic and foreign resources.

AAA

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